Britain’s finance minister Kwasi Kwarteng has been dismissed after less than six weeks in the job as the kingdom faces its worst economic woes in decades.

Prime Minister Liz Truss also scrapped parts of her government’s economic package to survive the market and political turmoil gripping the country.

His sacking makes Mr Kwarteng Britain’s shortest-serving chancellor since 1970, and his successor would be the UK’s fourth finance minister in as many months as the nation grapples with a cost-of-living crisis.

The BBC reports that Ms Truss has appointed former Health Secretary Jeremy Hunt – who backed Rishi Sunak in the Tory leadership contest – as the new chancellor

“We’ve been colleagues and friends for many years. In that time, I have seen your dedication and determination. I believe your vision is the right one. It has been an honour to serve as your first chancellor,” Mr Kwarteng said in a letter to the Prime Minister. 

Ms Truss has also asked Chris Philip to move to the Cabinet Office, and Edward Argar will replace him as chief secretary to the Treasury.

Ms Truss has come under pressure to drop parts of her economic plan to calm market turbulence and reassure her party. Tory MPs have discussed whether to remove Ms Truss as prime minister.